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					                                                               INVESTMENT


                                                                                                                                                    II
         Investment
                 Gross Domestic Fixed
                      Investment
!        In the third quarter of 2000, preliminary estimates of                 duties for capital goods established in the second quarter and
Gross Domestic Fixed Investment (GDFI)1 , measured at 1993                      the implementation of a regime for the import of goods for big
prices, evidenced a fall for the eighth consecutive quarter. The                investment projects2 . The GDFI variation with respect to the
10.6% year-over-year drop was the result of reductions of two                   previous quarter also showed a decline which, seasonally ad-
of its main components: construction (-11.2%) and durable                       justed, amounted to 2.4%.
equipment (-10.6%) (Table 2.1 and Graph 2.1). As opposed
to what happened one year ago, there was a stronger decrease of                           The review of construction investment figures and the

national equipment (-12.8%) than of imported one (-7.6%).                       incorporation of additional information determined a fall of its

This behavior would be the result of the reduction of import                    share within the total, from 59.4% in the second quarter to



                                          GRAPH 2.1
                                          Gross Domestic Fixed Investment at 1993 prices
                                          Year-over-year Percentage Variations
                                  40
              Construction
                                  30

              Machinery &
                                  20
              equipment

              Total GDFI          10

                                   0

                                 -10

                                 -20

                                 -30
                                        I    III  I    III  I    III   I   III   I   III   I   III   I   III
                                       Q.94 Q.94 Q.95 Q.95 Q.96 Q.96 Q.97 Q.97 Q.98 Q.98 Q.99 Q.99 Q.00 Q.00



1 Investment figures were modified as a consequence of the update of production values of industrial, construction and import sectors. A new oil construction
and mining exploitation services estimates were included.
2 Both measures were implemented through Resolutions 255/00 and 256/00 of the Ministry of Economy.




                                                                                                                                                         1
                                                             INVESTMENT


 TABLE 2.1
 Gross Domestic Fixed Investment at 1993 prices (1)
 A. In million Pesos

                                                                         1999                                            2000
          Category                          IQ            II Q           III Q          IV Q         Year         IQ            II Q           III Q
GROSS DOMESTIC INVESTMENT                   47,773        52,116          55,056         57,129       53,019      46,559        48,252          49,193
Durable production equipment                19,321        21,134          23,799         23,743       21,999      18,765        19,572          21,424
-National                                      8,926         9,763          10,917        11,482       10,272          8,960       9,389           9,523
-Imported                                     10,395        11,371          12,881        12,260       11,727          9,805      10,183          11,902
Machinery and Equipment                     13,544        13,883          14,905         15,865       14,549           n.a.            n.a.        n.a.
-National (2)                                    6,254       6,260           6,072         6,752        6,334           n.a.            n.a.           n.a.
-Imported                                        7,290       7,623           8,833         9,113        8,215           n.a.            n.a.           n.a.
Transport Material                            5,777         7,252          8,894          7,877        7,450           n.a.            n.a.        n.a.
-National                                        2,671       3,503           4,846         4,730        3,938           n.a.            n.a.           n.a.
-Imported                                        3,106       3,749           4,048         3,147        3,512           n.a.            n.a.           n.a.
Construction (3)                            28,452        30,982          31,258         33,386       31,020      27,795        28,680          27,769




B. Percentage variation compared with same period previous year


                                                                         1999                                            2000
          Category                          IQ            II Q           III Q          IV Q         Year         IQ            II Q           III Q
GROSS DOMESTIC INVESTMENT                         -16            -17             -12           -5           -13          -3             -7             -11
Durable production equipment                      -21            -23              -9           -2           -14          -3             -7             -10
-National                                          -18           -22              -9             3          -12            0             -4            -13
-Imported                                          -24           -23              -9            -6          -15           -6            -10             -8
Machinery and Equipment                           -19            -22             -11           -4           -14        n.a.            n.a.        n.a.
-National (2)                                      -15           -23             -22            -9          -17         n.a.            n.a.           n.a.
-Imported                                          -23           -22              -1             0          -12         n.a.            n.a.           n.a.
Transport Material                                -24            -23              -5            2           -13        n.a.            n.a.        n.a.
-National                                          -23           -21              15            25           -1         n.a.            n.a.           n.a.
-Imported                                          -25           -25             -22           -20          -23         n.a.            n.a.           n.a.
Construction (3)                                  -13            -12             -15           -8           -12          -2             -7             -11


(1).- Includes VAT
(2).- Includes manufacture of Durable equipment independently produced
(3).- Includes mining exploration
Source: National Bureau of National Accounts


56.4% in the third. The fall of capital goods imports was lower                  ered in the third quarter, when it recorded 17.7%, after having
than the other components, so it confirmed the long term pos-                    declined to a minimum in the second (with respect to the be-
itive trend and even reached a historical peak of relative partic-               ginning of national accounts base 1993). This ratio, that was
ipation (24.2%). In turn, national equipment maintained its                      2.1 percentage points lower than in the same period of the
participation (19.4%) slightly below last year.                                  previous year, points out the higher sensitivity of investment to
                                                                                 the economic cycle with relation to output (Graph 2.2).
            The ratio GDFI/GDP at constant 1993 values recov-


 2
                                                          INVESTMENT


 TABLE 2.2
 Gross Domestic Fixed Investment (1)
 Million of current Pesos

                                                                         1999                                  2000
              Category                          IQ         II Q          III Q      IV Q       Year        IQ       II Q          III Q
GROSS DOMESTIC INVESTMENT                       46,523     49,718        52,019     54,256     50,629      44,608   45,804        45,461
Durable production equipment                    18,200     19,225        21,489     21,460     20,094      17,144   16,983        18,615
-National                                         8,692       9,346       10,337      10,852      9,807       8,556      8,420      8,818
-Imported                                         9,508       9,880       11,152      10,608     10,287       8,588      8,564      9,796
Machinery and Equipment                         12,933      12,765       13,472     14,330      13,375        n.a.        n.a.       n.a.
-National (2)                                     6,143       6,063        5,780       6,393      6,095        n.d.        n.a.       n.a.
-Imported                                         6,790       6,702        7,692       7,937      7,280        n.d.        n.a.       n.a.
Transport Material                               5,267       6,460        8,017      7,130       6,718        n.a.        n.a.       n.a.
-National                                         2,549       3,282        4,557       4,458      3,712        n.a.        n.a.       n.a.
-Imported                                         2,718       3,177        3,460       2,671      3,007        n.a.        n.a.       n.a.
Construction (3)                                28,323     30,492        30,530     32,796      30,535     27,464     28,821      26,847

(1).- Includes VAT
(2).- Includes manufacture of Durable equipment independently produced
(3).- Includes mining exploration
Source: National Bureau of National Accounts

                                       GRAPH 2.2
                                       GDFI / GDP
                                       In %

                                 24
                   in constant
                   prices 1993

                   in current
                   prices        21




                                 18




                                 15
                                    I    III  I    III  I    III  I    III  I    III  I    III  I    III  I    III
                                   Q.93 Q.93 Q.94 Q.94 Q.95 Q.95 Q.96 Q.96 Q.97 Q.97 Q.98 Q.98 Q.99 Q.99 Q.00 Q.00




Measured at current values, annualized investment decreased              ters) since the base change for national accounts. The reason
to $ 45,461.3 millions (Table 2.2), which represents 15.8%               would be the behavior of implicit prices, which declined com-
of Current GDP. During the current year, there were lower                pared to 1993 (-7.6%) and, in turn, output showed a slight
investment participation rates (15.9% in the three first quar-           rise. In the third quarter, total investment prices fell 2.2%, as



                                                                                                                                       3
                                                              INVESTMENT

a consequence of a 3.8% fall of equipment and 1% of con-                                                Construction
struction3 (Graph 2.3). The same as in the previous quarters,
the fall becomes steeper for imported equipment than for                                 Construction continued declining in the third quarter
national equipment (-4.9% and –2.2%, respectively).                            of 2000. Indicators available, related to the use of inputs, con-
                                                                               firm this behavior with strong falls. However, the granting of
         A series of measures were announced in October,
                                                                               mortage loans grew again.
with the aim of encouraging investments. On the fiscal
front, a better profitability is sought for new investment                               With the exception of sales of seamless tubes and the
projects. So, the cost of indebtedness would decrease as a                     manufacture of paints, the use of relevant inputs was lower
result of the reduction of the Tax on Interests Paid rate,                     than the same period of 1999. There were significant reduc-
and the VAT law would be modified so as to obtain a                            tions in shipments of cement, asphalt and glass (-12.5%, -
quicker rebate to investment, among other measures. At                         35.6% and -3.6%, respectively) as well as in the production of
the same time, an increase of productivity is expected with                    rebar (-25.9%) and ceramics, floors and coatings (-17.5%).
the deregulation of telecommunications, the Federal Infra-                     On the other hand, there continues a strong expansion for the
structure Plan and the Federal Electric Power Plan.                            sale of seamless tubes (78.7%), driven by the services related to




                                                        GRAPH 2.3
                                                        Gross Domestic Fixed Investment
                                                        Implicit prices. Index 1993=100

                                                 110
                            Construction


                            Machinery and
                            Equipment     100

                            Total GDFI


                                                  90




                                                  80
                                                         I III I III I III I III I III I III I III I
                                                        93 93 94 94 95 95 96 96 97 97 98 98 99 99 00




3 It is worth mentioning that, as opposed to other price indexes, GDP implicit prices are moving weights, and that is why variations for different periods of
the base year could be distorted by the changes in the physical goods basket.



 4
                                                                INVESTMENT


 TABLE 2.3
 Construction Investment Indicators (1)
 Domestic Market Sales - Variation in relation to same period previuos year
                                                                           1999                                           2000
                    Indicators
                                                      IQ        II Q        III Q       IV Q        Year        IQ         II Q        III Q     9-months
Cement                                                 2.7       9.9         -2.8       -4.1          1.1      -13.9       -25.3       -12.5         -17.2
Glass                                                -20.4      -20.3        -5.4       0.6         -12.0       9.5         -3.5        -3.6          0.5
Iron rod for concrete (2)                            -20.7      18.3         -3.9       -3.7         -2.9       13.8       -32.9       -25.9         -18.0
Seamless pipes                                       -49.0      -35.7       -38.4       4.2         -32.4       42.8        57.8        78.7         60.0
Paint (2)                                             -3.3       -9.8       -15.8       -1.3         -7.2       2.1         -6.0        3.6           0.2
Asphalt                                              -31.8      -21.0        -8.3       -0.9        -16.4       -1.0       -26.9       -35.6         -21.7
Ceramics, floors and facings (2)                     -2.2       -1.0        -12.0       -3.5        -4.9        3.5        -15.2       -17.5         -10.8

(1) Estimations subject to review
(2) Production data.
Source: Secretariat of Economic and Regional Programming




the oil industry that took advantage of the rise of the interna-                    the total both currencies increased 2% with respect to June, up
tional crude oil price (Table 2.3).                                                 to $ 16,580.1 millions at the end of September 2000, while
                                                                                    total loans declined 0.4%. Consequently, mortgage loans re-
         The same as in the previous quarter, the mortgage loan                     corded their historical peak over total loans (26.4%). The
market4 (Table 2.4) showed a year-over-year recovery of dollar                      participation of dollar loans is also a peak within mortgage loans
denominated ones, in contrast with a fall of peso denominated                       stock, which currently represents 77.6%.
loans and non mortgage loans.Total new mortgage loans grew
25.4% year-over-year, mainly as a result of the rise of dollar                                 The number of deeds of conveyance recorded at the
denominated loans (35.2%), while peso loans undergone a                             Real Estate Register of the Buenos Aires city showed another
considerable decline (-52.9%). This passage increased even                          year-over-year decrease during the third quarter of the year (-
more the participation of the former, which amounted to 95.8%                       7%). However, in the period October-November, the year-
of the quarter’s total loans granted.                                               over-year comparison evidenced a slight positive variation
                                                                                    (0.8%) (Table 2.5).
         Variations in credit demand were consistent with the
evolution of interest rates during the period.The only rates that                              Building permits for private works 5 continued evi-
decreased were those of dollar mortgage loans, while the rest                       dencing a negative behavior for the eighth consecutive quar-
showed moderate rises.                                                              ter, though the fall was remarkably slowing down (-1.2%
                                                                                    year-over-year) (Table 2.6) to the extent the area to be built
         Mortgage loans stock also evidences this trend, given                      scheduled recovered significantly in October and Novem-


4 The source of information is the survey implemented by the BCRA through the Com. “A” 2097 that, since June 1993 , gathers statistics about lending interest
rates by type of transaction and of the monthly traded amounts.
5 the area to be built recorded by construction permits for private works is surveyed based on a representative roll of 42 municipalities along the national
territory.


                                                                                                                                                               5
                                                         INVESTMENT


            TABLE 2.4
            Total and Mortgage Loans Granted (1)
            Year-over-year percentage variations
                Period                      Mortgage Loans                                        Total Loans
                                Pesos         Dollars             Total             Pesos          Dollars      Total
                 III 94           -7.5           67.4              49.6              5.9               16.7      9.1
                    IV           -32.3           11.0               3.3              3.2               10.0      5.3
                1995            -24.1           -33.9             -32.5            -15.8               -3.8     -12.1
                    I            -15.0           -18.1             -17.6             -2.6              27.1      6.0
                   II            -21.1           -49.8             -45.7            -16.6              -12.7    -15.5
                  III            -40.1           -44.5             -43.8            -22.6              -11.0    -18.9
                  IV             -17.0           -20.1             -19.7            -21.1              -13.8    -18.7
                1996            -27.4            42.6             31.2              -5.7               -2.3     -4.6
                    I            -35.9           -0.1              -6.4             -20.5              -22.9    -21.3
                   II            -26.8           77.4              55.8              -6.0               2.2      -3.4
                  III            -32.3           70.0              53.9              3.8                7.1      5.0
                  IV             -12.2           36.9              30.8              3.0                8.9      5.0
                1997             59.0            19.7             23.2              25.4               6.5      18.8
                    I            -27.4           33.4              26.1              16.3              -0.8      10.5
                   II             44.8           19.6              22.0              21.2               8.3      16.8
                  III            144.7           10.1              19.4              32.2               3.6      22.0
                  IV              87.1           20.1              25.7              31.1              14.2      25.0
                1998            -14.9            0.0              -1.8              13.3               17.7     14.7
                    I             54.0           19.3              21.7              28.1              30.7      28.9
                   II             -7.2            2.8               1.7              17.6              10.3      15.3
                  III            -28.7            7.4               2.3              8.7               23.8      13.3
                  IV             -31.5           -21.9             -23.1             1.8                8.7       4.0
                1999            -17.4           -29.3             -28.1             -4.1               0.0      -2.8
                    I             -5.1           -31.4             -29.1             -6.2              13.7      0.0
                   II            -30.8           -32.9             -32.7             -6.5               -0.7     -4.7
                  III            -23.4           -33.2             -32.2             -3.3               -1.8     -2.8
                  IV              -8.4           -19.0             -17.8             -0.3              -10.1     -3.6
                2000
                    I            -36.9           -6.3              -9.9              -8.0              -22.9    -13.2
                   II            -42.2            8.7               3.2              -9.5              -13.1    -10.7
                  III            -52.9           35.2              25.4             -16.2              -19.8    -17.4

           (1) Based on monthly amount granted by the overall financial system as per Com. "A" 2097.
           Source: BCRA [Central Bank of Argentine Republic]



ber (15.2% and 7.5% year-over-year, respectively). Never-            previous year. Expectations for December 2000 (contained
theless, in these last two months, the Synthetic Indicator of        in the Construction Qualitative Survey) do not foresee sub-
Construction Activity (ISAC) continued showing falls (-16.1          stantial changes in the economic activity level both for the
% and -12.7%) with respect to the same quarter of the                private and public sectors, in which opinions about the re-




 6
                                                INVESTMENT

duction of productive activity surpassed optimis-   TABLE 2.5
tic views. On the other hand, approximately one     Deeds of Conveyance Registered
third of the people surveyed believed that em-      at the Real Estate Register

ployed personnel would fall with respect to the          Period        City of Buenos           YoY %
previous month, while only 5% expected an in-                                Aires              change
                                                          1996              91,011                n.a
crease of employed people.                                1997             103,887               14.1
                                                          1998             107,184               3.2
                                                    January                 9,988                  2.7
Nationally Produced Durable Equip-                  February                6,284                  7.5
                                                    March                   7,640                 27.4
               ment                                 April                   8,691                 10.3
                                                    May                     8,515                 -0.4
                                                    June                    9,161                 13.4
       Investments in nationally manufactured       July                    9,912                 -1.2
                                                    August                  8,939                 -0.1
equipment decreased in the third quarter of
                                                    September               9,750                  3.4
2000, both at constant values (-12.8%) and          October                 10,123                -4.1
                                                    November                9,131                  1.8
at current values (-14.7%).
                                                    December                9,050                 -8.3
                                                          1999             93,821                -12.5
       Motor Vehicles in the third quarter,         January                 8,606                 -13.8
                                                    February                5,544                 -11.8
sales in of locally manufactured vehicles the
                                                    March                   7,089                  -7.2
local market strongly decreased in the case of      April                   6,974                 -19.8
cargo and passenger transportation vehicles (-      May                     6,963                 -18.2
                                                    June                    7,885                 -13.9
36.4%), as well as utility vehicles (-36.8%) and,   July                    8,793                 -11.3
to a lesser extent, automobiles (-8%) (Table        August                  7,920                 -11.4
                                                    September               8,421                 -13.6
2.7). The end of the Trade-in Plan had a deci-      October                 8,176                 -19.2
sive influence in the sector’s performance, af-     November                8,176                 -10.5
                                                    December                9,274                   2.5
fecting local production to a greater extent than
                                                          2000
imports. In the period October-November, sales      January                 7,984                  -7.2
                                                    February                5,911                   6.6
of both domestic and imported material re-
                                                    March                   7,151                   0.9
mained depressed.                                   April                   6,627                  -5.0
                                                    May                     7,730                 11.0
                                                    June                    7,174                  -9.0
     Imported Durable Equipment                     July                    7,880                 -10.4
                                                    August                  7,725                  -2.5
                                                    September               7,776                  -7.7
                                                    October                 8,065                  -1.4
       In the third quarter of 2000, investment     November                8,421                   3.0
in imported capital goods, measured at 1993 pric-
                                                    Source: Banco Hipotecario Nacional [Nat'l Mortgage
                                                           Bank] based on the Real Estate Register




                                                                                                          7
                                                                INVESTMENT

es, decreased 7.6% with respect to the same period
                                                                     TABLE 2.6
of the previous year. As happened in previous quar- Area to be built by Building Permits (1)
ters, in current values the variation was steeper (-                        Period                Building area                      YoY %
                                                                                                           2
12.2%) due to the fall of international prices.                                                       in m                           change
                                                                             1993                  5,696,145                           n.a
                                                                                 I                    1,232,760                          n.a
         External purchases of equipment in the quar-                           II                    1,259,970                          n.a
                                                                               III                    1,594,332                          n.a
ter amounted to U$S 1,602 millions, 13.3% lower
                                                                              IV                      1,609,083                          n.a
than in 1999. In the same period, total imports de-                          1994                   7,892,210                           38.6
                                                                                 I                    1,512,481                         22.7
clined 3.5%, so the participation of the former was                             II                    1,758,226                         39.5
24.3%, 2.7 percentage points lower than one year                               III                    2,236,258                         40.3
                                                                              IV                      2,385,245                         48.2
before (Graph 2.4).                                                          1995                   6,162,300                           -21.9
                                                                                 I                    1,877,546                          24.1
                                                                                II                    1,534,856                         -12.7
         Tables 2.8 and 2.9 detail, at current values,                         III                    1,419,540                         -36.5
imports of capital goods by destination corresponding                         IV                      1,330,358                         -44.2
                                                                             1996                   6,017,094                           -2.4
to the first nine months of 1999 and 20006 . The                                 I                    1,444,592                         -23.1
following conclusion can be drawn from them:                                    II                    1,248,647                         -18.6
                                                                               III                    1,692,437                          19.2
                                                                              IV                      1,631,418                          22.6
         - total imports of capital goods, at current prices                 1997                   6,944,157                           15.4
                                                                                 I                    1,264,231                         -12.5
and CIF value, decreased 14% year-over-year, con-                               II                    1,660,689                          33.0
tinuing the negative trend started 7 quarters ago.                             III                    1,755,576                          3.7
                                                                              IV                      2,263,661                          38.8
                                                                             1998                   7,802,187                           12.4
         - most of the sectors taken into account re-                            I                    1,896,250                          50.0
                                                                                II                    1,968,775                          18.6
duced purchases of imported equipment. Those that                              III                    1,958,326                          11.5
showed increases are the ones that have been expand-                          IV                      1,978,836                         -12.6
                                                                             1999                   6,358,234                           -18.3
ing their economic activity levels (Communications                               I                    1,541,007                         -18.7
and Mining), as well as particular cases of very low                            II                    1,503,326                         -23.6
                                                                               III                    1,782,273                          -9.0
participation categories such as Research and Non clas-                       IV                      1,550,396                         -21.6
                                                                             2000
sified Rest. The purchase of the agricultural, con-
                                                                                I                     1,294,065                         -16.0
struction and transportation sectors fell below than                           II                     1,428,127                          -5.0
                                                                              III                     1,760,424                          -1.2
the average.                                                                October                    542,069                           15.2
                                                                           November                    555,510                           7.5
         - the sector with the greatest weight, manufac-
                                                                     (1) Area to be built according to building permits for private works within
turing industry, reduced imports of equipment by
                                                                          a list of 42 representative municipales around the country.
12.1% and so its share within the total amounted to                       Includes new buildings and expansions.
                                                                     Source: INDEC [National Institute of Statistics and Census]




6 The figures corresponding to the first nine months of 2000 (U$S 4.343.8 millions) did not coincide with those announced in the press release made by INDEC
(U$S 4.354.1 millions) because only the information received up to then is taken into account, while in said release the information not supplied is estimated.



 8
                                                                               INVESTMENT


TABLE 2.7
Some Investment Indicators in National Transport Equipment (1)
Sales into Domestic Market - Percentage change on same period of previous year
          Indicators                                                           1999                                          2000
                                                    IQ           II Q          III Q   IV Q          Year          IQ        II Q            III Q    9 months
Vehicles:
  Cars                                             -35.5         -32.4         9.0      44.8          -6.7         54.7       4.5             -8.0       11.2
  Vans                                              -2.1         12.4          83.3     59.7         39.0          44.8       -7.2           -36.8       -9.9
  Trucks and Buses                                 -26.8         -27.7         0.2       8.7         -11.5         -5.6      -14.4           -36.4      -21.1

(1) Estimates subject to review
Source: Secretariat of Economic and Regional Programming on data from ADEFA


28.5%. As for categories, falls predominated. The steepest
                                                                                                 - the Agricultural sector continues reducing purchases
within the most significant products by import value corre-
                                                                                         (-32.9%). Among the most traded products, there stand
sponded to machines and devices for treating materials that
                                                                                         out the falls of imports of combines (-46.6%) and other
involve changes in temperature (-60.5%), boilers that gen-
                                                                                         harvesting machines (-56.7%). However, those correspond-
erate water steam and other types of steam (-42.3%), ma-
                                                                                         ing to wheel tractors declined less (-1.6%).
chines and devices for filtering and purifying liquids or gas-
es (-27.7%), and mechanical machines and devices for the                                         - Transportation and Construction recorded the most
rubber industry and artificial plastic materials (-27.3%).                               important imports falls. As for the former, the reduction was




                                                    GRAPH 2.4
                                                    Imports of capital goods and share

                                           9,000
         Others
                                           8,000

         Capital Goods                     7,000
                         Millones de U$S




                                           6,000

                                           5,000

                                           4,000

                                           3,000

                                           2,000

                                           1,000


                                              0
                                                   I 95    III           I96     III   I97     III           I98   III98   I99       III99      I00    III00




                                                                                                                                                                9
                                                       INVESTMENT

      TABLE 2.8
      Imports of Capital Goods by Sector (1)
      First Semester
                                                            1999                               2000                     Var. %
                                                    US$ '000s          Share %         US$ '000s    Share %            2000/99
      Total Imports                                    5,051,874          100.0           4,343,801    100.0                 -14.0
      Agriculture                                            103,216          2.0               69,296         1.6            -32.9
      Manufacturing Industry                               1,408,814         27.9            1,237,762        28.5            -12.1
      Electricity, gas and water                             339,435          6.7              321,358         7.4             -5.3
      Construction                                           438,693          8.7              255,754         5.9            -41.7
      Transport                                            1,327,608         26.3              699,340        16.1            -47.3
      Trade, banking and insurance                           419,602          8.3              394,374         9.1             -6.0
      Communications                                         771,136         15.3            1,127,947        26.0             46.3
      Health                                                 153,014          3.0              133,404         3.1            -12.8
      Research                                                28,582          0.6               29,020         0.7              1.5
      Mining                                                  19,220          0.4               28,798         0.7             49.8
      Unclassified activities                                 42,552          0.8               46,748         1.1              9.9

      (1) Estimates subject to review
      Source: Secretariat of Economic and Regional Programming on the basis of data from the INDEC


47.3% and was basically the result of lower purchases of air-          weight and an increase of office and calculation equipment.
planes of less than 15,000 kg (-64%) and of motor vehicles for
the transportation of goods or materials (-32.1 %). Both seg-                  - within the fall seen in the Health area (-12.8%), the

ments account for 71% of imports within the category and               lower purchases of devices based in the use of X-rays (-55.4%)

11.5% of total imports of capital goods. As for Construction (-        had, among other segments, a great influence.

41.7%), the greatest drops appeared in segments such as pumps
                                                                               - the Communications sector continues recording a re-
and air or other gases compressors (-42.1 %), self-propelled
                                                                       markable increase of external purchases (46.3%), which derived
mechanical shovels and excavators (-73.8%) and self-propelled
                                                                       in a significant rise of its participation, that amounted to 26%.
graders, angular earth movers and scrapers (-77.8%).
                                                                       This increase was mainly the result of the behavior of two seg-

         - the Electricity, gas and water sector obtained a slight     ments: television, radiotelephone, radiotelegraph and radio trans-

increase of participation within total purchases, after having         mitters and transmitter-receivers, which grew 84% and account-

reduced its own purchases to a lesser extent that the whole set.       ed for 15.5% of total import of capital goods, and electric devices

Imports of the sector tended to concentrate a little over static       for wire telephone and telegraph (31.2% year-over-year).

converters and rectifiers, instruments and devices to measure,
                                                                               - it is worth to point out the increase in the incor-
verify and monitor gas flows and office and calculation equip-
                                                                       poration of imported equipment for Mining (49.8%) and
ment.
                                                                       the non classified Rest (9.9%), although they are low

         - the same happened to Commerce, banking and insur-           values. Demand for research, in turn, grew moderately

ance. Here, there were also reductions in products with a low          (1.5%).



 10
                                                                       INVESTMENT


TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s

                                                                                                            1999                   2000          Var. 00/99
                                                                                                     Amount      Share %    Amount      Share %      %
General Total                                                                                        5,051,874     100.00   4,343,801     100.00      -14.0
Agriculture                                                                                            103,216       2.04      69,296       1.60      -32.9
Live cattle for breeding                                                                                    208      0.00          193      0.00        -7.1
Live pig for breeding                                                                                       109      0.00            0      0.00           -
Plows                                                                                                        70      0.00           75      0.00         7.3
Sowers, planters, transplanters, fertilizer hoppers and manure spreaders                                  4,431      0.09        1,531      0.04       -65.4
Weeders, harvesters, planers and graders                                                                    385      0.01          418      0.01         8.6
Other agricultural and horticultural machines to cultivate or plow the land, rollers for lawns and
sports fields.                                                                                              591      0.01        1,040      0.02        75.9
Reapers and threshers                                                                                    27,592      0.55       14,734      0.34       -46.6

                                                                                                         17,270
Other harvesters and threshers, reapers (except lawn mowers) straw and feed presses.                                 0.34        7,477      0.17       -56.7

Winnowers and other machines for cleaning seeds or dry legumes and graders for eggs, fruit
and other agricultural produce                                                                            5,066      0.10        3,715      0.09       -26.7
Milking machines                                                                                            404      0.01            2      0.00       -99.5
Other unspecified dairy machines                                                                          5,519      0.11        1,211      0.03       -78.1
Other machines for agriculture, horticulture, aviculture and apiculture                                   7,486      0.15        4,909      0.11       -34.4
Wheeled tractors                                                                                         23,321      0.46       22,938      0.53        -1.6
Unspecified office and calculation equipment and machines.                                                6,429      0.13        6,761      0.16         5.2
Hand tools                                                                                                  687      0.01          726      0.02         5.6
Aspirating, centrifugal and liquid-raising pumps                                                          3,097      0.06        3,142      0.07         1.5
Generators with internal combustion engines w/piston                                                        553      0.01          424      0.01       -23.3
Manufacturing Industry                                                                               1,408,814     27.89    1,237,762     28.49       -12.1
Hand-held saws (non-mechanical) and hand and mechanic saw blades.                                         1,047      0.02        1,027      0.02        -1.9

Hand tools, soldering lamps, anvils, hand presses, etc.                                                  11,152      0.22       10,648      0.25       -4.5
Other types of steam or vapor boilers (except for central heating).                                      47,740      0.94       27,533      0.63      -42.3
Auxiliary machinery for boilers, condensers for steam generators and engines                              1,242      0.02          109      0.00      -91.2
Parts and pieces, unspecified, for steam turbines                                                         1,011      0.02           65      0.00      -93.6
Internal combustion engines                                                                               7,833      0.16       10,045      0.23       28.2
Direct current generators and engines                                                                     9,779      0.19       11,533      0.27       17.9
Electric engines except those with direct current                                                        37,741      0.75       40,849      0.94        8.2
Alternating current generators                                                                              928      0.02        1,086      0.03       17.0
Other power generators                                                                                    4,790      0.09       46,798      1.08      877.1
Presses and other machines used in the wine, cider, and other fruit industry to extract juices.           5,886      0.12        2,470      0.06      -58.0
Sewing machines.                                                                                          8,013      0.16        7,018      0.16      -12.4
Machines and devices for yarning synthetic and artificial textile materials.                                766      0.02          954      0.02       24.6
Unspecified machines and devices to manufacture synthetic and artificial textile materials.               2,826      0.06        3,605      0.08       27.5
Machines for yarning and twisting textile materials, winding machines (including striped) and
winding textile materials.                                                                                  908      0.02       10,950      0.25      1105.7
Looms                                                                                                     3,689      0.07        2,010      0.05       -45.5




                                                                                                                                                        11
                                                                     INVESTMENT

TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s

                                                                                                         1999           2000      Var. 00/99
                                                                                                    Amount Share % Amount Share %     %
Knitting machines                                                                                      10,272   0.20   11,296   0.26      10.0
Machines to make knitted fabric, tulles, embroidery, lace, spinning machines and devices                2,261   0.04    2,466   0.06       9.1
Machines and devices for manufacturing and finishing felt including hat making machines and
molds                                                                                                      90   0.00    3,461   0.08    3728.2
Industrial dryers (except subgroups 741.6 and 743.5)                                                    1,159   0.02      802   0.02     -30.8
Machines for washing, cleaning, drying, bleaching, dyeing, starching, finishing, coating of yarns
and textiles, devices for cutting, folding and rolling up textiles, etc.                                8,269   0.16    5,763   0.13     -30.3
Unspecified machines and devices for preparing, tanning and working leather and their parts             3,900   0.08    2,895   0.07     -25.8
Machines to manufacture cellulose paste                                                                 8,673   0.17    1,172   0.03     -86.5
Machines to manufacture paper and cardboard                                                             1,290   0.03      432   0.01     -66.5
Machines and devices to work paper paste, paper, cardboard, including cutters of all types             13,527   0.27    7,927   0.18     -41.4
Machines for casting and composing print type, machines, devices and materials for stenotype
clichés and devices                                                                                     3,033   0.06    2,733   0.06      -9.9
Other printing machines.                                                                                5,003   0.10    6,964   0.16      39.2
Auxiliary printing machines                                                                             2,193   0.04      917   0.02     -58.2
Bookbinding machines and devices                                                                        4,725   0.09    1,609   0.04     -65.9
Milling machines and others for treating cereals and dry legumes excluding rural machines               1,647   0.03    1,194   0.03     -27.5
Machines and mechanical devices for greases, animal and vegetable oils                                    693   0.01      934   0.02      34.7
Unspecified machines and devices used in the beverage and food industry: confectionery,
bakery, pastas, chocolate, meat, fish, legumes processing and or the sugar and brewing
industry                                                                                               22,820   0.45   23,283   0.54       2.0
Machines and tools for working stone, ceramic products, concrete, fibrocement, and other
analogous mineral materials and for cold-working glass                                                  3,807   0.08    3,083   0.07     -19.0
Machines and devices for working cork, wood, bone, ebony, artificial plastic material, and
other analogous hard materials                                                                         16,403   0.32    8,831   0.20     -46.2
Machines and devices to agglomerate, mold or shape solid mineral fuels, ceramic pastes,
cement, plaster or other minerals in powder or paste                                                    2,135   0.04    1,729   0.04     -19.0
Machines to work with glass, assemble bulbs, fluorescent lamps and electric, electronic or
similar valves, and their parts (unspecified).                                                            815   0.02    5,150   0.12     532.0
Machines and mechanical devices for the rubber and artificial plastic industry                         51,849   1.03   37,709   0.87     -27.3
Unspecified machines and devices for the tobacco industry                                               2,024   0.04      116   0.00     -94.3
Machines and mechanical devices to treat timber.                                                       10,511   0.21    1,540   0.04     -85.3
Machines and mechanical devices to treat metals or metal carbides                                       4,402   0.09    1,128   0.03     -74.4
Other unspecified machines and mechanical devices with special functions                               69,786   1.38   80,045   1.84      14.7
Parts and pieces of machines to process rubber or plastic.                                              1,582   0.03      680   0.02     -57.0
Machine-tool to work materials by removal                                                                 705   0.01      947   0.02      34.3
Machines and tools for working metals and metal carbides.                                               1,246   0.02      912   0.02     -26.8
Machines for milling cogwheels                                                                          2,095   0.04      246   0.01     -88.3
Metal-working lathes                                                                                   10,124   0.20    7,052   0.16     -30.3
Routers and gougers                                                                                     3,753   0.07    2,407   0.06     -35.9




 12
                                                                  INVESTMENT


TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s

                                                                                                    1999               2000      Var. 00/99
                                                                                               Amount Share %     Amount Share %     %
 Perforators and drills for working metals                                                        1,216    0.02       1,180    0.03      -2.9
 Saws for metals.                                                                                 2,179    0.04       1,798    0.04     -17.5
 Planes for metals                                                                                   32    0.00           0    0.00 -
 Threaders and machines for cutting screws                                                          524    0.01       1,081    0.02     106.3
 Sharpeners, filers, polishers and grinders                                                       6,342    0.13       3,496    0.08     -44.9
 Machines for forging and stamping metals                                                         2,290    0.05       1,529    0.04     -33.2
 Machines for curving, bending, straightening, conforming and working metals                      8,726    0.17       6,224    0.14     -28.7
 Machines for shearing, puncturing and working metals                                             7,318    0.14       6,697    0.15      -8.5
 Other presses for working metal                                                                  1,818    0.04       1,781    0.04      -2.0
 Other machine-tools for working metals or metal carbides                                        11,658    0.23       8,005    0.18     -31.3
 Jigs, headed threadstocks                                                                        4,575    0.09       3,119    0.07     -31.8
 Converters, furnaces, ingotting machines and pouring and molding machines for foundries
 and metalworking shops                                                                           5,019    0.10       1,098    0.03     -78.1
 Laminators                                                                                         449    0.01         946    0.02     110.5
 Machines and gas devices for welding, cutting and for surface tempering and their parts            664    0.01         233    0.01     -64.9
 Machines and electrical devices for welding                                                     14,052    0.28      10,244    0.24     -27.1
 Industrial and laboratory electric ovens (thermal induction treatment or through dielectric
 loss) and their parts                                                                             2,288   0.05       2,579    0.06      12.7
 Non electrical Industrial and laboratory ovens and parts                                         10,438   0.21      12,450    0.29      19.3
 Refrigerators and refrigerating equipment (electric and others) excluding domestic               46,963   0.93      44,989    1.04      -4.2
 Devices for treating materials that involve changes in temperature                              148,487   2.94      58,635    1.35     -60.5
 Centrifuges                                                                                       9,695   0.19       4,156    0.10     -57.1
 Calenders and laminators except metal laminators and machines for laminating glass,
 cylinders and parts                                                                              3,553    0.07       1,743    0.04     -50.9
 Machines and devices for cleaning and drying bottles or other containers                        56,148    1.11      58,119    1.34       3.5
 Devices and instruments for weighing including bascules and scales to verify manufactured
 pieces, excluding scales sensitive to weights lower than 5 cg.                                   9,427    0.19       9,065    0.21      -3.8
 Mechanical devices for projecting, spreading or spraying liquid or powdered materials           38,462    0.76      32,837    0.76     -14.6
 Automatic selling machines                                                                       4,936    0.10       5,545    0.13      12.3
 Foundry boxes, molds and cups for molten metal                                                  31,079    0.62      32,442    0.75       4.4
 Tools and electro-mechanical machine-tools (motor incorporated) for manual use and their
 parts                                                                                           23,570    0.47      25,637    0.59       8.8
 Machines and electric devices with special functions                                                 4    0.00           0    0.00 -
 Other electric machines and devices with functions, gearchange and electromagneti brakes.       66,971    1.33      66,695    1.54      -0.4
 Electromagnets, permanent magnets, magnetized or not, clutches, speed changers and
 electromagnetic brakes                                                                            3,514   0.07        4,257   0.10      21.2
 Trawling and fishing boats, floating factories and ships                                          9,686   0.19      11,731    0.27      21.1
 Non-electrial machines and devices for mechanical testing (quality)                               2,041   0.04        2,022   0.05      -1.0
 Office and calculation equipment and nonspecified machinery                                     160,728   3.18     169,029    3.89       5.2
 Hand tools                                                                                        6,186   0.12        6,531   0.15       5.6
 Centrifugal pumps, aspirators and liquid raisers                                                 71,220   1.41      72,270    1.66       1.5
 Machines and devices for filtering or purifying liquids and gases                                67,017   1.33      48,436    1.12     -27.7
 Wheelbarrows, forklifts and other devices for transporting goods                                 93,713   1.86      75,900    1.75     -19.0
 Generators with internal combustion piston engines                                               10,501   0.21        8,050   0.19     -23.3
 Instruments for measurement and control                                                          21,916   0.43      21,582    0.50      -1.5
 Deposits, cisterns, demijohns, drums, etc.                                                        27268   0.54       13508    0.31     -50.5



                                                                                                                                              13
                                                                    INVESTMENT

TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s

                                                                                                         1999            2000      Var. 00/99
                                                                                                  Amount Share % Amount Share %        %
Electricity, gas and water                                                                         339,435    6.72 321,358    7.40        -5.3
Rotary converters                                                                                        58          0.00        16          0.00       -72.6
Nuclear reactors and parts not specified elsewhere                                                    1,073                       0
Other machines and hydraulic engines                                                                  6,678          0.13     7,193          0.17           7.7
Gas and water gas or producer gas generators with and without purifiers, gas acetylene
generators and similar generators,unspecified gas generator parts and pieces                            500          0.01       412          0.01       -17.6
Liquid dielectric transformers                                                                       17,965          0.36    13,595          0.31       -24.3
Other electric transformers                                                                          18,631          0.37    20,327          0.47         9.1
Static converters, rectifiers and rectifying devices                                                 46,530          0.92    51,300          1.18        10.3
Self-induction reactance coils                                                                       17,306          0.34     9,553          0.22       -44.8
Electric capacitors, fixed or variable                                                               23,093          0.46    16,638          0.38       -28.0
Instruments for measuring the supply and production of gas, liquids and electricity, meters to
calibrate them                                                                                       15,672      0.31   15,289           0.35            -2.4
Non-electric instruments and devices for measuring, testing and controlling the flow of gases        75,156      1.49   70,346           1.62            -6.4
Electronic instruments and devices for measuring or teslting electric quantities                      1,299      0.03    1,325           0.03             2.0
Electronic instruments and devices for measuring or detecting ionizing radiations                       482      0.01      254           0.01           -47.3
Office and calculating equipment and non-specified machinery                                         70,720      1.40   74,373           1.71             5.2
Hand tools                                                                                            1,100      0.02    1,161           0.03             5.6
Centrifugal pumps, aspirators and liquid raisers                                                     10,322      0.20   10,474           0.24             1.5
Machines and devices to filter or purify liquids and gases                                            8,704      0.17    6,290           0.14           -27.7
Generators with internal combustion piston engines                                                    4,421      0.09    3,389           0.08           -23.4
Instruments for measurement and control                                                              19,725      0.39   19,423           0.45            -1.5
Construction                                                                                      438,693       8.68 255,754            5.89          -41.7
Caterpillar tractors                                                                                  9,533      0.19    2,968           0.07           -68.9
Mechanically-propelled rollers                                                                        8,193      0.16    1,642           0.04           -80.0
Self-propelled graders, angular earth movers and scrapers                                            29,992      0.59    6,666           0.15           -77.8
Mechanically-propelled shovels and excavators                                                        69,856      1.38   18,311           0.42           -73.8
Other grading, excavating, rolling, perforating machines and earth, ore and mineral extractors        7,883      0.16    2,247           0.05           -71.5
Drilling machines (not self-propelled)                                                                2,062      0.04   12,910           0.30          526.2
Hammers, crushers, snow-ploughs not self-propelled                                                      142      0.00      169           0.00            18.6
Other earth moving, grading, excavating, rolling, drilling and earth extracting machinery             4,272      0.08    1,892           0.04           -55.7
Unspecified machinery for public works, buildings or similar works                                    3,528      0.07    2,289           0.05           -35.1
Machinery and mechanical devices for public works, construction projects and other related
works.                                                                                              201,122          3.98   116,355          2.68       -42.1
Lifts and skips                                                                                      10,686          0.21     8,338          0.19       -22.0
Pneumatic or non-electric engine tools and machine-tools                                             19,419          0.38    12,661          0.29       -34.8
Boilers and radiators for central heating, non-electric heating their iron and steel parts, air
heaters and hot air distributors                                                                      8,548          0.17     7,901          0.18           -7.6
Non-electric topographic, hydrographic, meteorological, hydrologic and geophysical instruments,
compasses, telemeters, etc.                                                                            2433   0.05            1593    0.04          -34.5




 14
                                                                      INVESTMENT

TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s


                                                                                                           1999                  2000      Var. 00/99
                                                                                                      Amount Share %        Amount Share %     %
Drawing, plotting and calculating instruments, drawing machines, pantographs, slide and circle
rules, etc.                                                                                               21,891     0.43      22,825     0.53        4.3
Instruments, devices and machines for measurement or testing                                               1,376     0.03       2,786     0.06      102.4
Office and calculation equipment and unspecified machinery                                                 6,429     0.13       6,761     0.16        5.2
Hand tools                                                                                                 3,436     0.07       3,629     0.08        5.6
Aspiring and centrifugal pumps, liquid raisers                                                            10,322     0.20      10,474     0.24        1.5
Machines and devices for filtering or purifying liquids and gases                                          1,741     0.03       1,258     0.03      -27.7
Wheelbarrows, forklifts, and other devices for transporting goods                                          6,600     0.13       5,345     0.12      -19.0
Generators with internal combustion piston engines                                                         1,382     0.03       1,059     0.02      -23.4
Controlling and measuring instruments                                                                      3,653     0.07       3,597     0.08       -1.5
Tanks, cisterns, demijohns and drums                                                                       4,195     0.08       2,078     0.05      -50.5
Transport                                                                                             1,327,608    26.28    699,340     16.10      -47.3
Iron and steel containers for pressurized or liquified gas                                                49,311     0.98      14,625     0.34      -70.3
Aluminum containers for compressed or liquified gas                                                          581     0.01         388     0.01      -33.2
Cranes for ships, cranes (except cable-motor vehicles), mobile structures for raising loads                8,484     0.17       3,262     0.08      -61.6
Radio guidance, radar and radio controlled devices                                                         5,955     0.12       5,469     0.13       -8.2
Electrical devices for traffic control of railways, roads or inland waterways and similar equipment
used in ports and airports                                                                                 8,019     0.16       2,937     0.07      -63.4
Motor vehicles for transporting goods and materials                                                      445,582     8.82     302,345     6.96      -32.1
Buses                                                                                                     30,483     0.60      32,583     0.75        6.9
Motor units for hauling trailers                                                                          43,624     0.86      24,112     0.56      -44.7
Trailers for transporting goods and materials                                                             21,271     0.42      17,518     0.40      -17.6
Specially designed and equipped containers for the use of one or more means of transport                   2,136     0.04         605     0.01      -71.7
Other vehicles without mechanical propulsion                                                               4,161     0.08       5,486     0.13       31.8
Electric locomotives (using accumulators or external energy)                                                 145     0.00          72     0.00      -50.4
Other locomotives and tenders.                                                                                 0     0.00       7,043     0.16          -
Locomotives and tenders unspecified                                                                           93     0.00           0     0.00 -
Mechanized railroad and tramway carriages and trucks.                                                     12,972     0.26      10,903     0.25      -15.9
Rolling material for maintenance of railroads.                                                               131     0.00         101     0.00      -23.0
Non-mechanized railroad freight trucks and waggons.                                                           30     0.00           0     0.00 -
Accesories for railroads and tramways.                                                                       481     0.01         610     0.01       26.9
Helicopters                                                                                               14,795     0.29       5,679     0.13      -61.6
Mechanically-driven airplanes weighting between 2,000 and 15,000 kg.                                      70,885     1.40      30,842     0.71      -56.5

Mechanically-driven airplanes weighting more than 15,000 kg.                                             544,290    10.77     195,879     4.51      -64.0
Tanker vessels of all types                                                                                9,094     0.18       3,225     0.07      -64.5
Other cargo vessels                                                                                          279     0.01       7,274     0.17     2509.1
Ships specially designed to tow or push other vessels                                                      1,897     0.04         612     0.01      -67.7
Lightships, fire-ships, dredgers, pontoons, etc.                                                          13,862     0.27         516     0.01      -96.3
Floating structures different from vessels (buoys, boxes, etc.)                                              375     0.01         279     0.01      -25.6
Non-electric navigation instruments, compasses                                                             1,065     0.02         627     0.01      -41.1
Office and calculating equipment and unspecified machinery                                                 6,429     0.13       6,761     0.16        5.2
Wheelbarrows, forklifts and other devices for transporting goods                                          15,839     0.31      12,828     0.30      -19.0
Tanks, cisterns, drums, etc.                                                                               8,390     0.17       4,156     0.10      -50.5
Trucks and vans for special use                                                                            6,947        0       2,603        0        -63




                                                                                                                                                       15
                                                                      INVESTMENT


TABLE 2.9
Imports of Capital Goods - First Semester
US$ '000s
                                                                                                         1999                 2000      Var. 00/99
                                                                                                   Amount Share %       Amount Share %      %
     Trade, Banking and Insurance                                                                   419,602   8.31       394,374   9.08       -6.0
     Safes, strong rooms, armored or ironclad chambers                                                   463     0.01         673     0.02     45.3
     Clothes washing machines with a capacity greater than six kilos of dry clothes                      670     0.01         822     0.02     22.7
     Drycleaning machines                                                                                623     0.01         441     0.01    -29.2
     Pumps for dispensing fuels or lubricants                                                          9,059     0.18       2,653     0.06    -70.7
     Escalators and mechanical walkways                                                                6,352     0.13       4,006     0.09    -36.9
     Automatic vending machines                                                                           10     0.00         116     0.00   1120.4
     Automatic typewriters; processing machines                                                          581     0.01         554     0.01     -4.7
     Other non-electric typewriters                                                                      346     0.01         286     0.01    -17.4
     Cash registers with totaling device                                                              24,720     0.49       8,923     0.21    -63.9
     Machines for franking mail, issuing tickets and other similar machines with totalling
     device                                                                                            5,475     0.11       4,712     0.11    -13.9
     Jukeboxes                                                                                            71     0.00          48     0.00    -32.3
     Merry-go-rounds, swings, shooting galleries and other attractions for fairs, circuses, zoos
     and wandering theaters                                                                            9,503     0.19         680     0.02    -92.8
     Mannequins and similar puppets and other animated devices for display windows                       405     0.01         273     0.01    -32.6
     Office and computing equipment and non-specified machinery                                      315,027     6.24     331,298     7.63      5.2
     Hand tools                                                                                          962     0.02       1,016     0.02      5.6
     Aspiring and centrifugal pumps, liquid raisers                                                    5,161     0.10       5,237     0.12      1.5
     Machines and devices for filtering or purifying liquids and gases                                 4,352     0.09       3,145     0.07    -27.7
     Wheelbarrows, forklifts, and other devices for transporting goods                                15,839     0.31      12,828     0.30    -19.0
     Generators with internal combustion piston engines                                                9,119     0.18       6,991     0.16    -23.3
     Controlling and measuring instruments                                                             8,767     0.17       8,633     0.20     -1.5
     Tanks, cisterns, drums, etc.                                                                      2,098     0.04       1,039     0.02    -50.5
     Communications                                                                                771,136     15.26 1,127,947      25.97     46.3
     Rotary press                                                                                     46,053     0.91      18,817     0.43    -59.1
     Magnetic recorders and reproducers of sound and image for television                             12,018     0.24      17,212     0.40     43.2
     Sound recorders with or without speakers                                                          2,221     0.04       1,581     0.04    -28.8
     Dictaphones and other sound recorders and reproducers                                             1,715     0.03       6,696     0.15    290.4
     Electric devices for wire telephone and telegraph                                                98,768     1.96     129,576     2.98     31.2
     Telephones                                                                                       48,559     0.96      39,126     0.90    -19.4
     Remote printers                                                                                  11,606     0.23       8,107     0.19    -30.1
     Other devices for carrier-wave transmitting systems                                              70,560     1.40     116,663     2.69     65.3
     Other telephone or telegraph devices                                                              4,877     0.10       3,860     0.09    -20.9
     Microphones (and tripods) loudspeakers, electric audiofrequency amplifiers                       27,672     0.55      29,921     0.69      8.1
     Television, radio, radiotelegraph and radiotelephone transmitters and transmitter-
     receivers                                                                                       365,279     7.23     672,026    15.47     84.0
     Radiotelephone and radiotelegraph receivers                                                       1,780     0.04       1,898     0.04      6.6
     Television cameras                                                                               13,967     0.28      13,727     0.32     -1.7
     Cine cameras, projectors, recorders and sound reproducers for 8-16 mm films                          10     0.00           7     0.00    -32.8
     Film projectors                                                                                     771     0.02         841     0.02      9.0
     Office and computing equipment and non-specified machines                                        57,862     1.15      60,851     1.40      5.2
     Hand tools                                                                                        1,375     0.03       1,451     0.03      5.6
     Generators with internal combustion engines                                                       1,658     0.03       1,271     0.03    -23.3
     Controlling and measuring equipment                                                               4,383     0.09       4,316     0.10     -1.5



16
                                                                INVESTMENT

TABLE 2.9
Imports of Capital Goods - Nine Months
US$ '000s

                                                                                                    1999             2000      Var. 00/99
                                                                                               Amount Share % Amount Share %       %
Health                                                                                         153,014    3.03 133,404    3.07       -12.8
Electromedical devices (except X-ray machines)                                                   10,684     0.21     9,195   0.21     -13.9
Electrocardiographs                                                                               9,544     0.19     9,680   0.22       1.4
Other electric devices for diagnosis                                                             13,058     0.26    11,733   0.27     -10.1
Devices using X-rays or other radioactive emissions                                               7,705     0.15     9,335   0.21      21.2
X-ray-based devices whether for medical use or not                                               20,702     0.41     9,237   0.21     -55.4
Furniture for medical, dental, surgical or veterinary use, operating tables, hospital beds,
dentist chairs, etc.                                                                              7,284     0.14     6,052   0.14     -16.9
Non-specified optical instruments and devices                                                     1,718     0.03     2,550   0.06      48.4
Odontological instruments and devices                                                             1,081     0.02     1,073   0.02      -0.7
Medical, surgical and veterinary instruments and devices                                         56,272     1.11    55,948   1.29      -0.6
Mechanotherapy and massage devices, psychotechnology and artificial respiration,
ozonotherapy and similar apparatus                                                                8,979     0.18     7,350   0.17     -18.1
Office and computing equipment and machines                                                       6,429     0.13     6,761   0.16       5.2
Machines and devices for filtering and purifying gases or liquids                                 2,611     0.05     1,887   0.04     -27.7
Trucks and vans for special use                                                                   6,947     0.14     2,603   0.06     -62.5
Research                                                                                        28,582     0.57    29,020    0.67      1.5
Balloons and dirigibles                                                                             22      0.00       13    0.00     -39.6
Unspecified astronomy and cosmography instruments and their support, excluding
radiotelephony devices                                                                              465     0.01       294   0.01     -36.8
Electron and proton microscopes and difractographs                                                    3     0.00       280   0.01   10243.6
Optical microscopes including those with devices to photograph or project an image                  624     0.01       523   0.01     -16.2
Office and computing equipment and machines                                                      12,858     0.25    13,522   0.31       5.2
Controlling and measuring equipment                                                              14,611     0.29    14,388   0.33      -1.5
Mining                                                                                          19,220     0.38    28,798    0.66     49.8
Machines and devices for sifting, sorting, separating or washing earth, gravel,ore or other
solid minerals                                                                                    2,494     0.05     2,559   0.06       2.6
Machines and devices for grinding and breaking up earth, stones, ore or other solid minerals      8,989     0.18    18,595   0.43     106.9
Machines and devices for mixing earth, gravel, ores or other solid minerals                       2,030     0.04     2,615   0.06      28.8
Aspiring and centrifugal pumps and liquid raisers                                                 3,097     0.06     3,142   0.07       1.5
Machines and devices for filtering and purifying liquids or gases                                 2,611     0.05     1,887   0.04     -27.7
Other                                                                                           42,552     0.84    46,748    1.08      9.9
Other machines and engines                                                                        3,094     0.06     3,231   0.07       4.4
Liquid and solid fuel burners for stoves                                                          2,435     0.05     2,133   0.05     -12.4
Ventilators, blowers and other similar devices                                                   10,565     0.21    12,455   0.29      17.9
Ethnography or cliché copiers                                                                       682     0.01       934   0.02      37.0
Electrical devices for acoustic and visual signalling (bells, sirens, alarms)                    11,871     0.23    12,388   0.29       4.4
Other electrical devices and fixtures with individual functions                                   2,272     0.04     3,398   0.08      49.6
Tachometers, production counters, taximeters, kilometer counters, etc.                            9,314     0.18     9,780   0.23       5.0
Time recording devices with clock mechanism or synchronic engine for measuring time                 528     0.01       437   0.01     -17.2
Timers with clock mechanism or synchronous motor                                                  1,693     0.03     1,988   0.05      17.4
Other precious metal or precious metal plated items                                                  98     0.00         4   0.00     -95.9

Source: Prepared by the Undersecretariat of Macroeconomic Programming based on INDEC data.




                                                                                                                                        17
                                                     INVESTMENT

                                      Comments on Tables 2.8 and 2.9


        The figures for the nine first months of 1999 and          a result, less than a quarter of the imported value had to be

2000 were provided by the INDEC according to the Har-              indirectly assigned to broad-based groups, basically: office

monized System (6 digits) and were converted to the Stan-          equipment, computers, pumps of different types (except

dard International Trade Classification. To facilitate the iden-   fuel dispensers) hand tools, filtering machines, trolleys, elec-

tification by end use, the entire series was converted to the      tric power generators, measuring instruments, drums, tanks

International Standard Industrial Classification, 2nd. Revi-       and cisterns. For this allocation estimated ratios were as-

sion.                                                              signed to determine the share of the end user sectors in the
                                                                   destination of each of the types of broad-based positions
        Groups identifiable by their description and na-           used, taking into account the share of 1984 imports, and
ture accounted reached 77.5% and 75% of the value import-          in the case of computers, information provided by ven-
ed in the first nine months of 1999 and 2000, respectively. As     dors.




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